Apple boss Tim Cook reaches billionaire status

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Apple boss Tim Cook reaches billionaire status

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Apple chief government Tim Cook dinner has moved into the billionaire membership because the tech agency’s share worth continues to soar.

Apple’s market worth has been on the rise following robust outcomes and the upbeat outlook for tech giants.

Mr Cook dinner owns 847,969 shares instantly and took residence greater than $125m (£96m) final yr as a part of his pay package deal.

Final week, Fb founder Mark Zuckerberg noticed his private wealth hit $100bn (£76bn).

Know-how firms together with Apple, Fb and Amazon have seen their income develop through the coronavirus pandemic as extra folks went on-line.

Silicon-Valley based mostly Apple is now closing in on the milestone of being the primary firm to be valued at $2tn. Two years in the past it develop into the primary firm to be valued at $1tn.

Mr Cook dinner took over from Apple founder Steve Jobs 9 years in the past. His billionaire standing is predicated on the shares he owns and the compensation he has been paid at Apple, and calculated by the Bloomberg Billionaires Index.

In 2015, he mentioned he deliberate to present most of his fortune away and has already donated million of {dollars} value of Apple shares.

Fb’s Zuckerberg has made an identical pledge to present away the vast majority of his shares.

Mr Zuckerberg, together with Amazon’s Jeff Bezos and Tesla’s Elon Musk, accrued their wealth from the large stakes within the firms they based.

Compared, Mr Cook dinner’s stake in Apple is miniscule at about 0.02%.

Based mostly on US federal and state taxes for California, Mr Cook dinner would face a tax price of simply over 50%, as a top-bracket earner.

Watches and music

Whereas Apple has not revealed any new merchandise as groundbreaking as its iPhone, the corporate has nonetheless thrived since Mr Cook dinner took over the reins.

He has overseen the event of gadgets such because the iPhone X and Apple Watch, together with new companies like Apple Music.

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